THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) ADVANCED TAX QUESTION PAPER NOVEMBER 2014

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1 QUESTION 1 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) (a) Zacky Company Limited has approached you to assist their company to comply with the Value Added Tax regime in Ghana. They have asked you specifically to assist in the area of VAT Returns and Payment of the related tax. Advise the company on the related requirements and what is expected of them as a VAT trader with respect to VAT returns and date of payment of the tax. (12 marks) (b) A person with turnover below the registrable level could apply voluntarily to the Commissioner- General to be registered as a taxable person. Outline the circumstances where the Commissioner General could refuse the request to register. (6 marks) (Total: 18 marks)

2 QUESTION 2 THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA) Page 1 of 6 Miseho Company Ltd, a self-assessed tax payer with the Large Taxpayer Office (LTO) of the Ghana Revenue Authority estimated its chargeable income for the assessment year 2013 to be GH 30,000,000. The company commissioned a new plant in April 2013 and realized that its production capacity has improved significantly and hence revised its estimated chargeable income to GH 50,000,000 in May In November the same year after the third quarter interim accounts, the Directors were advised by the Auditors to adjust their chargeable income to avoid an imposition of a penalty by the LTO. This was adhered to and subsequently revised the estimate further to GH 75,000,000. The company submitted its 2013 annual returns on due date of 30 th April 2014 and posted actual chargeable income of GH 130,000,000. (a) Compute the installment payment for the four (4) quarters in the assessment year (16 marks) (b) Compute any penalty payable by the company. (4 marks) (c) Determine the outstanding tax payable by the company assuming all the installment payments were made on due date. (4 marks) Please note the following: (i) The company s basis period is 1 st January to 31 st December. (ii) The corporate tax rate is 25% (Total: 24 marks)

3 QUESTION 3 Page 2 of 6 Your Tax Consultancy firm has recruited new employees in the tax department to conduct tax compliance checks on some of your clients. In the in-service training for these staff members, you have been tasked to explain to them the Pooling System of granting capital allowance as provided in the Internal Revenue Act 2000 (Act 592) as amended. (a) Explain the general features of the pool system (10 marks) (b) What conditions will you expect to be satisfied before the grant of capital allowances? (6 marks) (Total: 16 marks) QUESTION 4 APAK Limited is an Agro-Processing Company which was established in the year 2001 and located in Tema in the Greater Accra Region. The company is required to file its annual returns for the assessment year 2012 and has approached you for assistance. Below are the relevant details: Statement of Financial Position (extract) as at 31 December 2012 Liabilities GH Loan from shareholders 500,000 Trade creditors 145,000 Other creditors 30,000 Equity Stated capital 125,000 Income surplus 75,000

4 Page 3 of 6 Statement of Profit and Loss and other Comprehensive Income for the year ending 31 st December 2012 GH Turnover 2,500,000 Cost of sales (1,850,000) Gross profit 650,000 Less: Selling and Administrative Expenses: Salaries & wages 156,000 Electricity & water 23,000 Interest on shareholder loan 175,000 Depreciation 32,500 Exchange loss 82,000 Funeral donations 15,000 Insurance 12,500 Business promotion expense 14,000 Income tax 17,000 Legal fees 5000 Loss on Assets Disposed 30,000 Repairs & maintenance 16,300 Bad debts 10, ,300 Net profit 61,700

5 Additional information: Page 4 of 6 (i) All the shareholders are non-residents (ii) Exchange loss is made up of: Repayment of shareholders loan Trade creditors: Realized loss Unrealized loss GH 20,000 GH 45,000 GH 17,000 (iii) Bad debts: General provision Specific provision (iv) Capital Allowance for the period GH 6600 GH 3400 GH 75,000 (v) Included in the funeral expenses was a donation of GH 10,000 the Managing Director made during the final funeral rite of the Chief of his hometown. The remaining was paid to staff as part of the welfare scheme of the company. Compute the tax payable by the company for the assessment year Support your computation with explanation. (22 marks)

6 QUESTION 5 Page 5 of 6 (a) In relation to collateral benefits, a benefit conferred by an entity directly or indirectly on an eligible person in any capacity in respect of the use of transfer of property, money or rights of entity is treated as income of the person from an investment. Describe the employee stock option and identify how the following may be taxed: (i) (ii) On the grant, vesting and exercise for a resident person. On the grant, vesting and exercise for a non-resident person. (10 marks) (b) An overseas based corporate headquarters of an organization invoices the local (Ghana) subsidiary with head office administrative charges in a given financial year. Outline the practical tax implications of this transaction. (10 marks) (Total 20 marks)

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